Question Details

(Solution Download) The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COM


 

 

 

 

 

 

 

The following unadjusted trial balance is prepared at fiscal

 

year-end for Nelson Company.

 

 

   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NELSON COMPANY

 

Unadjusted Trial Balance

 

January 31, 2013

 

Debit

 

Credit

  Cash$27,500
  Merchandise

 

inventory

13,500
  Store supplies5,800
  Prepaid

 

insurance

2,100
  Store equipment42,900
  Accumulated

 

depreciationA????1Store equipment

$16,050
  Accounts

 

payable

13,000

 

  J. Nelson, Capital

 

39,000
  J. Nelson,

 

Withdrawals

2,300

 

  Sales

 

116,100
  Sales discounts2,000
  Sales returns and

 

allowances

2,150
  Cost of goods

 

sold

38,000
  Depreciation

 

expenseA????1Store equipment

0
  Salaries

 

expense

25,700
  Insurance

 

expense

0
  Rent expense13,000
  Store supplies

 

expense

0
  Advertising

 

expense

9,200
  Totals$184,150$184,150

 

 

 

 

 

 

 

 

Rent expense and salaries expense are equally divided between

 

selling activities and the general and administrative activities.

 

Nelson Company uses a perpetual inventory system.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a.Store supplies still available

 

at fiscal year-end amount to $2,650.

b.Expired insurance, an

 

administrative expense, for the fiscal year is $1,450.

c.Depreciation expense on store

 

equipment, a selling expense, is $1,600 for the fiscal year.

d.

 

To estimate shrinkage, a physical count of ending merchandise

 

inventory is taken. It shows $10,100 of inventory is still

 

available at fiscal year-end.

 

 

1.

 

 

 

 

 

 

 

 

Using the above information prepare adjusting journal

 

entries:

 

2.

 

 

 

 

 

 

 

 

Prepare a multiple-step income statement for fiscal year

 

2013.

 

 

 

Solution details:
STATUS
Answered
QUALITY
 Approved
ANSWER RATING

This question was answered on: Dec 08, 2020

PRICE: $15

Solution~000652147653922.zip (25.37 KB)

Buy this answer for only: $15

This attachment is locked

We have a ready expert answer for this paper which you can use for in-depth understanding, research editing or paraphrasing. You can buy it or order for a fresh, original and plagiarism-free solution (Deadline assured. Flexible pricing. TurnItIn Report provided)

Get this solution for only: $
Pay using PayPal (No PayPal account Required) or your credit card . All your purchases are securely protected by .
SiteLock

Support Online

Need Help Ordering? Chat via Whatsapp

About this Question

STATUS

Answered

QUALITY

Approved

DATE ANSWERED

Dec 08, 2020

EXPERT

Tutor

ANSWER RATING

GET INSTANT HELP/h4>

We have top-notch tutors who can do your essay/homework for you at a reasonable cost and then you can simply use that essay as a template to build your own arguments.

You can also use these solutions:

  • As a reference for in-depth understanding of the subject.
  • As a source of ideas / reasoning for your own research (if properly referenced)
  • For editing and paraphrasing (check your institution's definition of plagiarism and recommended paraphrase).
This we believe is a better way of understanding a problem and makes use of the efficiency of time of the student.

NEW ASSIGNMENT HELP?

Order New Solution. Quick Turnaround

Click on the button below in order to Order for a New, Original and High-Quality Essay Solutions. New orders are original solutions and precise to your writing instruction requirements. Place a New Order using the button below.

WE GUARANTEE, THAT YOUR PAPER WILL BE WRITTEN FROM SCRATCH AND WITHIN A DEADLINE.

Order Now